PHOTO: Sacred Hill
A renowned New Zealand wine company has gone into receivership, owing nearly $100 million
Sacred Hill is based in Hawke’s Bay with vineyards also in Marlborough.
The company was founded in 1999 and operated a vineyard, winery, processing and distribution business in Hawke’s Bay.
Details have come to light in a receivership report released today.
In 2019, the company overstated the amount the stock it had.
Sacred Hill Group decided to restructure and separate its Marlborough and Hawke’s Bay operations, with a view to divesting the Hawke’s Bay operations to reduce debt.
But an attempt to sell it fell through under a conditional agreement.
Other factors included a poor 2021 vintage, a high NZ and US dollar exchange rate, and poor financial performance.
READ MORE VIA RNZ